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TARGET CORPORATION (USA) - Q4 and Full Year Earnings

Target Reports Fourth Quarter and Full-Year 2017 Earnings
03/06/18

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Strong traffic growth in both stores and digital drives fourth quarter comparable sales increase of 3.6 percent
- Following the Company's post-holiday update(1), comparable sales grew more than 4 percent in January, leading to comparable sales growth of 3.6 percent for the fourth quarter.
- Traffic grew 3.2 percent in the fourth quarter, reflecting healthy increases in both stores and digital channels.
- Fourth quarter comparable digital channel sales increased 29 percent, on top of 34 percent last year, contributing 1.8 percentage points of comparable growth.
- The Company saw healthy comparable sales growth across all five of its core merchandise categories in the fourth quarter.
- Fourth quarter GAAP earnings per share (EPS) from continuing operations of $2.02 reflect discrete benefits related to the Tax Cuts and Jobs Act (the Tax Act).
- Adjusted EPS(2) of $1.37, which exclude discrete benefits related to the Tax Act, were above the midpoint of the Company's most-recent guidance range of $1.30 to $1.40.
- Target returned $591 million to shareholders in the fourth quarter through dividends and share repurchases, bringing the total to $2.4 billion for full-year 2017.
MINNEAPOLIS, March 6, 2018 /PRNewswire/ -- Target Corporation (NYSE: TGT) today announced its fourth quarter and full-year 2017 results. The Company reported GAAP earnings per share (EPS) from continuing operations of $2.02 in fourth quarter and $5.32 for full-year 2017, compared with $1.46 and $4.58 in 2016, respectively. Fourth quarter Adjusted EPS were $1.37, compared with $1.45 in 2016. Full-year Adjusted EPS were $4.71, compared with $5.01 in 2016. The attached tables provide a reconciliation of non-GAAP to GAAP measures. All earnings per share figures refer to diluted EPS.

"Our fourth quarter results demonstrate the power of the significant investments we've made in our team and our business throughout 2017. Our team's outstanding execution of Target's strategic initiatives during the year delivered strong fourth quarter traffic growth in our stores and digital channels, which drove healthy comparable sales in every one of our five core merchandise categories," said Brian Cornell, chairman and chief executive officer of Target Corporation. "At our Financial Community Meeting later this morning, we will outline our plans to continue investing in our team and make 2018 a year of acceleration in the areas that set Target apart- our stores, exclusive brands, and rapidly-growing suite of fulfillment options. While we have a lot left to accomplish, our progress in 2017 gives us confidence that we are making the right long-term investments to best position Target for profitable growth in a rapidly changing consumer and retail environment."



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